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April 05, 2010

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left require higher credit scores so the meeting with the loan officer and determining how best to use your money is a must. sometimes even a slightly larger down payment can make a big different in your rate / payment.

3 credit scores

If you don't cancel them, they will still show as open accounts on your credit report, which could count against you.

Bruno

Cancel them first, then cut them up. (I prefer to cut them into tiny pieecs flush them down the toilet.) You can continue to pay the bill until it's paid off, but you won't be tempted to use it. If you don't cancel them, they will still show as open accounts on your credit report, which could count against you.

Bhakta

I cut mine up and paid online. It has abtleusoly worked to keep me from using them. I wouldn't cancel them if I were you. That actually does more damage to your credit than just leaving them open. The credit agencies are looking to see if you can use your credit wisely. All or nothing works against your credit.You do need the info on the cards if you want to cancel them, but if you abtleusoly need the physical card or number for anything, you can always request a new card. That's why I pay my bills online. I paid one off and when I felt ready to use it responsibly, all I had to do was go online, log in to my account, and request a new one. (My cards were still in tact when I set up my online payments.)I've since requested a new card, and I have in fact used it wisely! EDIT: Regarding animal lover's suggestion about freezing them . . . it doesn't work. I froze mine. Took less than five minutes to thaw them out.

Lourdes

the answer to that dendpes on your current credit score and the factors affecting it. you need to meet with a reputable mortgage loan officer, have your credit run and go over your finances (income and assets) with them. if, with the scores the way they are, you qualify for a new mortgage while carrying the debt then the choice is yours. if not, the loan officer should run a program called a credit analyzer which will tell you what debt to pay down and how much to pay and approximately what difference you can expect in you credit score. the goal of raising your score is to have you qualify for ALL future credit (your new mortgage, future credit cards, car loans and leases etc) at the lowest rate possible.keep in mind, many lenders are now eliminating no down payment and small down payment programs and many of the ones that are left require higher credit scores so the meeting with the loan officer and determining how best to use your money is a must. sometimes even a slightly larger down payment can make a big different in your rate / payment.

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